CNN Business —The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York City cabs is expected to rise from $2.50 to $3.00, while rush hour surcharges will increase from $1 to $2.50. Gross income of TLC drivers is projected to increase by 33% due to the newly approved fare increases, which are expected to go into effect shortly before the end of this year. “Raising taxi fare rates and minimum pay for high-volume drivers is the right thing to do for our city. “I think part of it and part of our idea with increasing the taxi fare is that the financial compensation just isn’t there.

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